0926 svi initiation

7/28/2019 0926 SVI Initiation

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See important disclosures at the end of this report Powered by Enhanced Datasystems EFATM Platform 1

Initiating Coverage, 25 September 2013

SVI PCL (SVI TB) BuyTechnology - Technology Target Price: THB5.00

Market Cap: USD251m Price: THB3.48

Macro

Risks

Growth

Value

80

84

87

91

94

98

101

105

108

112

115

2.7

2.9

3.1

3.3

3.5

3.7

3.9

4.1

4.3

4.5

4.7

SVI PCL (SVI TB)Price Close Relative to Stock Exchange of Thailand Index (RHS)

10

20

30

40

50

60

70

80

90

Se

p-12

No

v-12

Ja

n-13

Mar-13

Ma

y-13

J

ul-13

Volm

Source: Bloomberg

Avg Turnover (THB/USD) 14.4m/0.46m

Cons. Upside (%) 12.6

Upside (%) 43.7

52-wk Price low/high (THB) 2.94 - 4.55

Free float (%) 44

Shareholders (%)

MFG Solution 28.5

Pongsak Lothongkam 24.9

Thai NVDR 3.7

Sharia compliant

Sittichai Duangrattanachaya+66 2862 9999 ext 2028License No.30565

[email protected]

Forecasts and Valuations Dec-10 Dec-11 Dec-12 Dec-13F Dec-14F

Total turnover (THBm) 8,079 8,445 7,704 7,943 10,106

Reported net profit (THBm) 735 (1,275) 1,246 1,589 1,692

Recurring net profit (THBm) 751 823 555 442 737

Recurring net profit growth (%) 30.3 9.6 (32.5) (20.3) 66.6

Core EPS (THB) 0.45 0.45 0.29 0.21 0.33

DPS (THB) 0.20 0.00 0.00 0.18 0.19

Dividend Yield (%) 5.7 0.0 0.0 5.1 5.4

Core P/E (x) 7.7 7.8 12.1 16.3 10.5

Return on average equity (%) 30.6 (62.1) 65.5 50.7 38.8

P/B (x) 2.13 5.31 2.64 2.07 1.56

P/CF (x) 16.6 7.0 40.4 10.1 9.3

EV/EBITDA (x) 7.1 6.0 11.5 11.6 7.2

Net debt to equity (%) net cash net cash net cash net cash net cash

Our vs consensus EPS (%) 0.0 0.0

Source: Company data, RHB estimates

SVI 5.00 PE 2557 13.0x upside 44% 5.1% 25% 2555-58 (CAGR) 14% SVI (M&A)

(EMS) 3 7.7% (CAGR) (GDP)

SVI 25% (CAGR 3 ) 14% (i) (ii) (iii)

(M&A)

SVI 1H59 (Vertical Integration)

PE 2556 9x 2557 8x 30% 18%

5.00 SVI 5.00 PE 2557 13.0x 3 +2SD

10% PEG 0.3x 3 25% (CAGR) upside 44% 5.2%


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SVI PCL (SVI TB)25 September 2013

See important disclosures at the end of this report 2

(EMS) 19.5% 2552 2553 2554-58 2558 2.7 3 (CAGR) 7.7% EMS (i) (GDP) 3.8% (ii) 2.2% (iii) (outsource) 2.6% EMS 11-12% 2557 (i)GDP 3.8% (ii) 5.7% (iii) 2.1%

(ElectronicsManufacturing Service EMS) (Original Equipment Manufacturer: OEM) (Design House) (Turnkey Box-Build) (System-Build)

5 4 1 22,472 7,800 2555 2 17,215 12,000

2554 3 70,400 38,000 4 2549 7,787 5,812 5 2554 65,340 30,000

Figure 1: Revenue breakdown


Figure 2: Company structure and subsidiaries

Source: Company data


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Figure 3: Structure of shareholdings

Source: Stock Exchange of Thailand (SET), Company data

Figure 4: SVIs milestones

Timeline Event

1985 Established SVI1989 Listed on the Stock Exchange of Thailand2000 Started high-tech production processes2004 Set up a second factory (SVI-2)2006 Set up a new factory in Tianjin, China (SVI-4)2008 Acquired a third plant in Thailand (SVI-3)2009 Selected to be included in the SET 100 Index2010 Acquired a new factory (SVI-5)2011 Temporarily production shutdown due to a severe flood in the fourth quarter2012 A production recovery at Bangkadi Plant2013 Paid stock dividend 7:1, leading to new shares outstanding at 2,261m shares



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Industry Outlook

Figure 5: Global economic outlook Figure 6: Historical and forecast data for the electronicsindustry

Source: IMF, World Bank Source: RHB estimates, IDC, Prismark

Figure 7: EMS industry revenue trend Figure 8: EMS industry s growth drivers

Source: RHB estimates, IDC, iSuppli Source: RHB estimates, IMF, IDC, iSuppli

2-3 2555 1.65 5 (CAGR) 11% 13% 9%


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Figure 9: EMS demand is expected to grow

Source: RHB, Frost & Sullivan

Figure 10: Global semiconductor sales by region

FY12 FY13F %Chg FY14F %Chg FY15F %ChgUSDm USDm y-o-y USDm y-o-y USDm y-o-y

Americas 54,359 55,225 1.6% 57,115 3.4% 58,526 2.5%Europe 33,163 34,905 5.3% 36,304 4.0% 37,393 3.0%Japan 41,056 35,402 -13.8% 36,772 3.9% 37,591 2.2%

Asia Pacific 162,985 172,234 5.7% 182,716 6.1% 191,393 4.7%

Total 291,563 297,766 2.1% 312,907 5.1% 324,903 3.8%Source: RHB estimates, Semiconductor Industry Association (SIA)

Key Financial Metrics

60%

World Bank IMF GDP 54% GDP per capita 22% EMS 60% EMS

Figure 11: Scandinavia is a key market Figure 12: Scandinavias economic statist ics are more robust thanthose of the US and EU

GDPgrowth GDP

Debt toGDP Unemployment

Creditrating

2014

Per

Capita (%) rate S&P

World 3.8% 10,100 64.0% n.a. n.a.

Euro Zone 1.2% 32,518 92.2% 12.1% n.a.

US 2.7% 49,922 73.6% 7.3% AA+

Denmark 1.6% 56,202 45.3% 6.7% AAA

Norway 2.3% 99,462 30.3% 3.5% AAA

Sweden 2.5% 55,158 38.6% 7.3% AAA

Finland 1.7% 46,098 53.5% 7.9% AAA

Source: Company data Source: IMF, World Bank, Standard & Poor


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Figure 13: Customer concentration and product mix diversification

Note: Customer concentration is a major issue when more than 10% of revenue comes from one customer or

when more than 25% of revenue comes from the top five customers. Product diversification is an issue whenmore than 30% of revenue comes from one product segment. The number 1 on the X-axis indicates the leastproduct diversification and the number 5 the most. The number 1 on the Y-axis represents the highest level ofcustomer concentration, the number 5 the lowest.

Source: RHB estimates

( / ) SVI 2 9% 15-20% 250bps 2554 7.9%

Figure 14: SVIs cost struc ture Figure 15: SVIs operating prof it is above the average

Source: Company data Source: Respective companies, All data compiled by RHB


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Figure 16: SVI is strengthening it s capital structure

Source: RHB estimates, Company data

2554 SVI 1434 531 750 731 2555 121 1H56 852 900 2556 214 1/56 750 1H56

Figure 17: Inflow from insurance claims

Source: RHB estimates, Company data

(M&A)

. 2554 SVI EMS 4/54 900 Partnertech (PART SS, NR) Kitron (KIT NO, NR) 1H57 2558 100-150

(niche market) (Mechatronics) 5 1 300 3 EMS 30


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Figure 18: Potential M&A targets

Partner Tech Kitron Scanfil NOTE Incap PKC Group Neways

Market Capitalisation (USDm) 43 56 97 29 5 747 59

Location Sweden Norway Finland Sweden Finland Finland Norway

FY12 Sales (USDm) 331 291 233 152 82 1,194 353

FY12 Net profit (USDm) (1) 8 7 2 (6) 31 (1)

Labour cost to sales (%) 23% 25% 14% 23% 25% 22% 29%

Total debt (USDm) 43 44 30 15 24 190 10

Cash (USDm) 7 4 12 6 3 115 1

Main products Medica l Medical Telecom Component Medical Automotive Industrial

Indus try Indus try Automation PCBA Power Component Auto

Defense Aerospace Consumer Power Medical

Vertical integration Yes Yes Yes Yes Yes Yes Yes

Potential synergies Yes Yes No No No No No

Potential Targets

Source: Respective companies, RHB estimates

Figure 19: SVIs manufacturing plants


2/56 GDP 0.3% . 2556 2.7-5.0% 4.2-5.5%

3.3 (YTD) / 1.5%(YTD) 8.4% 31 SVI 90% 1% 3.0% ( 31 / 42 /)

Figure 20: Sensitivity analysis of earnings affected by THB movements

Sensitiv ity of operating profit to EUR and USD movement

THB29/USD THB30/USD THB31/USD THB32/USD THB33/USD-6.5% -3.2% Base 3.2% 6.5%

THB40/EUR -4.8% -13% -3% 6% 16% 26%

THB41/EUR -2.4% -17% -7% 3% 13% 23%THB42/EUR Base -20% -10% 671 10% 20%

THB43/EUR 2.4% -23% -13% -3% 7% 16%THB44/EUR 4.8% -26% -16% -6% 3% 13%



9/17



2Q13/1H13 Results Review

Figure 21: 2Q13 and 1H13 results review

2Q13 %Chg %Chg 1H13 %Chg %Chg(THBm) q-o-q y-o-y (THBm) h-o-h y-o-y

Sales 1,875 16% -9% 3,486 -14% -5%Gross profit 195 111% -13% 288 -14% -25%EBIT 105 445% -26% 124 -33% -45%EBITDA 151 132% -16% 216 -22% -27%

Net income 189 -16% 22% 412 -46% -10%Normal ized pro fi t 136 -2% -6% 275 44% 22%

ppt chg ppt chgGross margin (%) 10.4% 4.7% -0.5% 8.3% 0.0% -2.3%EBIT margin (%) 5.6% 4.4% -1.3% 3.6% -1.0% -2.6%EBITDA margin (%) 15.1% 0.0% 0.0% 6.2% -0.6% -1.9%SGA % of sales 4.8% 0.3% 0.8% 4.7% 1.0% 0.3%

Net margin (%) 10.1% -3.8% 2.6% 11.8% -7.1% -0.7%Source: RHB estimates, Company data

Figure 22: Sales breakdown by market sector

2QFY13 %Chg %Chg 1HFY13 %Chg %Chg(THBm) y-o-y q-o-q (THBm) h-o-h y-o-y

Niche 1,163 -5% 22% 2,113 -12% -8%Industrial Control 638 -21% 7% 1,233 -17% -4%Medical 75 81% 16% 139 -12% 90%

Total 1,875 -9% 16% 3,486 -14% -5%Source: RHB estimates, Company data

Figure 23: 2HFY13 sales and earnings projection

2HFY13 %Chg %Chg FY13 %Chg(THBm) h-o-h y-o-y (THBm) y-o-y

Sales 4,457 28% 10% 7,943 3%Gross profit 479 66% 43% 768 7%EBIT 270 118% 47% 394 -4%EBITDA 364 68% 32% 580 1%

Net inc ome 1,179 186% 54% 1,591 30%Normal ized pro fit 285 4% 49% 560 35%

ppt chg ChgGross margin (%) 10.8% 2.5% 2.5% 9.7% 0.3%EBIT margin (%) 6.1% 2.5% 1.5% 5.0% -0.3%

EBITDA margin (%) 8.2% 2.0% 1.3% 7.3% -0.1%SGA % of sales 4.7% 0.0% 1.0% 4.7% 0.7%Net margin (%) 26.5% 14.6% 7.5% 20.0% 4.1%



10/17


See impor tant disc losu res at the end of this report 10

Valuation And Recommendation 5.00

SVI 5.00 PE 2557 13.0x 3 +2SD 10% PEG 0.3x 3 25% (CAGR) upside 44% 5.2%

Figure 24: Forward P/E Figure 25: Histori cal P/BV

Source: Bloomberg, RHB estimates Source: Bloomberg, RHB estimates

P/E P/BV EV/EBITDA Dividend Yield (%) ROE (%)FY13 FY14 FY13 FY14 FY13 FY14 FY13 FY14 FY13 FY14

SVI 8.9 9.3 1.9 1.7 8.8 6.7 3.4 4.8 37.2 19.2

Average Elec tronics sector 13.2 9.4 1.6 1.4 15.1 6.3 4.9 5.5 13.8 15.1

Global EMS PeersVenture Corporation 14.1 12.6 1.1 1.1 9.2 8.4 6.8 7.0 8.0 8.9Flextronics 11.1 10.9 2.6 2.5 5.8 5.7 0.0 0.0 23.2 21.2Foxconn Technology Group 12.4 11.9 1.1 n.a. n.a. n.a. 1.2 1.4 n.a. n.a.Hon Hai Precision Industry 10.7 9.8 n.a. n.a. 6.3 5.3 2.0 2.1 n.a. n.a.Celestica 13.5 11.6 1.5 1.3 6.2 5.4 0.0 0.0 9.9 10.1Jabil Circuit 10.6 9.0 2.2 1.9 4.6 4.2 1.4 1.4 19.8 21.4Sanmina 13.0 10.6 1.4 1.3 6.6 6.3 0.0 0.0 10.4 10.0Benchmark Electronics 19.5 16.3 1.1 1.0 7.2 6.6 0.0 0.0 5.2 6.0Plexus 15.8 14.3 1.8 1.6 8.3 7.8 0.0 0.0 11.4 11.6

Average EMS peers 13.4 11.9 1.6 1.5 6.8 6.2 1.3 1.3 12.6 12.7

Premium/(dis count) to Thai peers -32.5 -1.3 20.6 17.1 -41.9 6.1 -1.5 -0.7 23.4 4.1Premiu m/(discount) to EMS peers -33.4 -21.5 17.8 10.0 29.2 8.5 2.1 3.5 24.6 6.5

Source: Bloomberg, RHB estimates


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Financial Exhibits

Profit & Loss (THBm) Dec-10 Dec-11 Dec-12 Dec-13F Dec-14F

Total turnover 8,079 8,445 7,704 7,943 10,106

Cost of sales (7,188) (7,363) (6,985) (7,175) (8,960)

Gross profi t 891 1,083 720 768 1,146

Gen & admin expenses (132) (187) (192) (259) (323)

Selling expenses (98) (117) (119) (115) (152)

Other operating costs (55) - - (18) (6)

Operating profit 605 778 409 376 665

Operating EBITDA 760 978 573 558 855

Depreciation of fixed assets (155) (199) (164) (182) (190)

Operating EBIT 605 778 409 376 665

Other recurring income 91 50 51 65 84

Interest expense (22) (23) (38) (23) (14)

Exchange gains 84 11 135 28 10

Exceptional income - net (16) (2,080) (38) 134 -

Other non-recurring income - - 730 1,022 964

Pre-tax profit 744 (1,264) 1,248 1,602 1,709

Taxation (9) (11) (2) (13) (17)Profit after tax & minori ties 735 (1,275) 1,246 1,589 1,692

Reported net profit 735 (1,275) 1,246 1,589 1,692

Recurring net profit 751 823 555 442 737


Cash flow (THBm) Dec-10 Dec-11 Dec-12 Dec-13F Dec-14F

Operating profit 605 778 409 376 665

Depreciation & amortisation 155 199 164 182 190

Change in working capital (526) 119 (1,258) (423) (387)

Other operating cash flow 103 (179) 830 591 388

Operating cash flow 337 917 145 726 856

Interest received (4) (10) (10) - -

Interest paid 18 19 34 - -

Tax paid (5) (10) (3) (13) (17)

Cash flow from operations 347 917 166 713 839

Capex (271) (526) (600) (313) (320)

Other new investments 200 (360) 500 - -

Other investing cash flow (399) 123 109 (151) 3

Cash fl ow from i nvesti ng acti vi ti es (469) (763) 9 (465) (318)

Dividends paid (159) (204) - (397) (423)

Proceeds from issue of shares 292 24 21 - -

Increase in debt 366 (275) (3) (82) (443)

Other financing cash flow - - - (0) -

Cash flow from financing activities 499 (455) 18 (479) (866)

Cash at beginning of period 300 676 374 567 1,018

Total cash generated 376 (301) 193 (230) (344)

Implied cash at end of period 676 375 568 337 673



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Financial Exhibits

Balance Sheet (THBm) Dec-10 Dec-11 Dec-12 Dec-13F Dec-14F

Total cash and equivalents 1,216 1,169 777 1,375 1,706

Inventories 1,480 1,117 1,216 1,259 1,573

Accounts receivable 1,745 587 1,511 1,561 1,986

Other current assets 71 41 30 122 155

Total current assets 4,512 2,915 3,535 4,316 5,420

Tangible fixed assets 1,012 1,023 1,387 1,466 1,567

Intangible assets 12 10 8 11 17

Total other assets 77 6 2 12 15

Total non-current assets 1,101 1,039 1,396 1,489 1,599

Total assets 5,613 3,954 4,932 5,805 7,019

Short-term debt 348 284 545 464 123

Accounts payable 1,629 1,881 1,618 1,377 1,763

Other current liabilities 265 160 93 93 93

Total current l iabil ities 2,242 2,325 2,255 1,935 1,979

Total long-term debt 525 346 105 104 2

Other liabilities - 33 54 57 60

Total non-current l iabi li ties 525 379 159 161 62Total l iabil ities 2,767 2,704 2,415 2,096 2,041

Share capital 1,939 1,950 1,961 1,961 1,961

Retained earnings reserve 896 (696) 550 1,742 3,011

Other reserves 4 16 26 26 26

Shareholders' equity 2,839 1,270 2,538 3,730 4,999

Other equity 7 (20) (21) (21) (21)

Total equity 2,846 1,250 2,517 3,709 4,978

Total l iabil ities & equity 5,613 3,954 4,932 5,805 7,019


Key Ratios (THB) Dec-10 Dec-11 Dec-12 Dec-13F Dec-14F

Revenue growth (%) 24.6 4.5 (8.8) 3.1 27.2

Operating profit growth (%) 13.8 28.5 (47.5) (8.0) 76.8

Net profit growth (%) 26.3 (273.4) 0.0 27.5 6.4

EPS growth (%) 20.1 (256.2) 0.0 18.7 (1.2)

Bv per share growth (%) 30.5 (59.9) 101.0 27.4 32.6

Operating margin (%) 7.5 9.2 5.3 4.7 6.6

Net profit margin (%) 9.1 (15.1) 16.2 20.0 16.7

Return on average assets (%) 15.3 (26.7) 28.1 29.6 26.4

Return on average equity (%) 30.6 (62.1) 65.5 50.7 38.8

Net debt to equity (%) (12.0) (43.2) (5.1) (21.7) (31.8)

DPS 0.20 0.00 0.00 0.18 0.19

Recurrent cash flow per share 0.21 0.50 0.09 0.34 0.38



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SWOT Analysis

Diversified customer base

Flexible manufacturing capability

Geographically-dispersed production bases inThailand and China. SVI has international purchasing

offices in Asia and Europe

Weaker-than-expected globaleconomicgrowth

Increasing wagelevels inThailand andChina

Risks of naturaldisasters

Absolute controlby management

Economicrecovery in theUS and EU

Restockingcycle fortechnologycompanies

Potential M&As

in Scandinavia Traditional

electronics andhealthcareproducts areexpected topost the fastestgrowth

Fluctuations in the exchange rate may affectoperations

Shortage of skilled labour

Low research and development expenses

-600%

-333%

-67%

200%

467%

733%

1,000%

0

10

20

30

40

50

60

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

P/E (x) vs EPS growth

P/E (x) (lhs) EPS growth (rhs)

-80%

-53%

-27%

0%

27%

53%

80%

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

P/BV (x) vs ROAE

P/B (x) (lhs) Return on average equity (rhs)

Source: Company data, RHB estimates Source: Company data, RHB estimates

Company Profi leSVI provides electronics manufacturing services to original equipment manufacturers (OEM) and design houses, focusing on box-buildand system-build product manufacturing. It is a total solutions provider of turnkey box-build assembly. The majority of SVI's customersare global players based in Europe and the US.


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Recommendation Chart

0.3

0.8

1.3

1.8

2.3

2.8

3.3

3.8

4.3

4.8

Sep-08 Jan-10 Apr-11 Jul-12

Price Close

Source: RHB estimates, Bloomberg

Date Recommendation Target Price Price

2013-09-25

Source : RHB estimates, Bloomberg


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15

RHB Guide to Investment Ratings

Buy: Share price may exceed 10% over the next 12 monthsTrading Bu y: Share price may exceed 15% over the next 3 months, however longer-term outlook remains uncertainNeutral: Share price may fall within the range of +/- 10% over the next 12 monthsTake Profi t: Target price has been attained. Look to accumulate at lower levelsSell: Share price may fall by more than 10% over the next 12 monthsNot Rated: Stock is not within regular research coverage

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16/17

16

Risk Disclosure Statements

The prices of securities fluctuate, sometimes dramatically. The price of a security may move up or down, and may become valueless. It is as likely thatlosses will be incurred rather than profit made as a result of buying and selling securities. Past performance is not a guide to future performance. RHBSHKdoes not maintain a predetermined schedule for publication of research and will not necessarily update this report

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RHB OSK Securities Hong Kong Ltd.(formerly known as OSK Securities Hong Kong Ltd.)

12th FloorWorld-Wide House19 Des Voeux RoadCentral, Hong Kong

Tel : +(852) 2525 1118Fax : +(852) 2810 0908

DMG & PartnersSecurities Pte. Ltd.

10 Collyer Quay#09-08 Ocean Financial Centre

Singapore 049315Tel : +(65) 6533 1818Fax : +(65) 6532 6211

Jakarta Shanghai Phnom Penh

PT RHB OSK Securities Indonesia(formerly know n as PT OSK Nusadana Securities

Indonesia)Plaza CIMB Niaga

14th Floor

Jl. Jend. Sudirman Kav.25Jakarta Selatan 12920, Indonesia

Tel : +(6221) 2598 6888Fax : +(6221) 2598 6777

RHB OSK (China) Investment Advi sory Co. Ltd.(formerly know n as OSK (China) Investment

Adv isory Co. L td.)Suite 4005, CITIC Square1168 Nanjing West Road

Shanghai 20041China

Tel : +(8621) 6288 9611Fax : +(8621) 6288 9633

RHB OSK Indochina Securities Limited(formerly known as OSK Indochina Securities Limited)

No. 1-3, Street 271Sangkat Toeuk Thla, Khan Sen Sok

Phnom Penh

CambodiaTel: +(855) 23 969 161Fax: +(855) 23 969 171

Bangkok

RHB OSK Securities (Thailand) PCL(formerly known as OSK Securities (Thailand) PCL)

10th Floor, Sathorn Square Office Tower98, North Sathorn Road,Silom

Bangrak, Bangkok 10500Thailand

Tel: +(66) 862 9999Fax : +(66) 108 0999


17/17

Thai Institute of Directors Association (IOD) Corporate Governance Report Rating 2012

ADVANC BCP DRT IRPC NOBLE QH SC SYMC TOPAOT BECL EASTW KBANK PHOL RATCH SCB THAI TSTEASIMAR BKI EGCO KK PS ROBINS SCC TIP TTABAFS BMCL ERW KTB PSL RS SE-ED TIPCO

BANPU BTS GRAMMY LPN PTT SAMART SIM TISCOBAY CPN HEMRAJ MCOT PTTEP SAMTEL SIS TKTBBL CSL ICC NKI PTTGC SAT SNC TMB

2S BROOK DTAC HMPRO MACO OFM S&J SSSC THRE TSCACAP BWG DTC HTC MAKRO OGC S&P STANLY TIC TSTHAF CENTEL ECL IFEC MBK OSIHI SABINA STEC TICON TTWAIT CFRESH EE INTUCH MBKET PAP SAMCO SUC TIW TUFAKR CGS EIC ITD MFC PDI SCCC SUSCO TK TVOAMATA CHOW ESSO IVL MFEC PE SCG SVI TLUXE UACAP CIMBT FE JAS MINT PG SCSMG SYNTEC TMT UMIASK CK FORTH KCE MODERN PHATRA*** SFP TASCO TNITY UPASP CM GBX KGI MTI PJW SITHAI TCAP TNL UPOICAYUD CPALL GC KSL NBC PM SMT TCP TOG UV

BEC CPF GFPT L&E NCH PR SPALI TFD TPC VIBHABFIT CSC GL LANNA NINE PRANDA SPCG TFI TRC VNTBH DCC GLOW LH NMG PRG SPI THANA TRT WACOALBIGC DELTA GUNKUL LRH NSI PT SPPT THCOM TRU YUASABJC DEMCO HANA LST OCC PYLON SSF THIP TRUE ZMICO

*** PHATRA was voluntarily delisted from the Stock Exchange of Thailand effectively on September 25, 2012.

AEONTS BGT CMO GENCO JTS LHBANK NC PTL SGP SWC TPAC UTAFC BLA CNS GFM JUBILE LHK NNCL Q-CON SIAM SYNEX TPCORP VAROAGE BNC CNT GLOBAL JUTHA LIVE NTV QLT SIMAT TBSP TPIPL WAVEAH BOL CPL GOLD KASET LOXLEY OSK QTC SINGER TCB TPP WGAHC BROCK CRANE HFT KBS MAJOR PAE RASA SIRI TEAM TR WIN

AI BSBM CSP HTECH KC MATCH PATO RCL SKR TF TTCL WORKAJ BTNC CSR HYDRO KDH MATI PB RICH SMIT TGCI TWFPALUCON BUI CTW IFS KIAT MBAX PICO ROJNA SMK THANI TYCNAMANAH CCET DRACO IHL KKC M-CHAI PL RPC SOLAR TKS UBISAPCO CEN EASON ILINK KTC MDX POST SAM SPC TMD UECAPCS CHUO EMC INET KWC MJD PPM SCBLIF SPG TMI UICAPRINT CI EPCO IRC KWH MK PREB SCP SSC TNH UMSARIP CIG FNS IRCP KYE MOONG PRECHA SEAFCO SST TNPC UOBKHAS CIMBI*** FOCUS IT LALIN MPIC PRIN SENA STA TOPP UPFASIA CITY FSS JMART LEE MSC PSAAP SF SVOA TPA US

*** CIMBI was voluntarily delisted from the Stock Exchange of Thailand effectively on September 25, 2012.

IOD (IOD Disclaimer)

(IOD) (Corporate Governance) IOD

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